Volkswagen Financial Services Goes Live With Temenos Solution
Volkswagen Financial Services has gone live with Temenos T24 in their China subsidiary, to support its captive finance loan service to corporate and retail customers. The solution will cover the company’s retail loan process from financial offer to the car buyer in the dealership over application processing, scoring, loan disbursements to automated direct debits and collection processes. In a second phase that will follow soon, car dealerships will be allowed to log onto a single, centralised system that uses application processing and workflow capability to process applications for loans. The implementation project was initiated on 1 April 2007 and went live on 5 November 2007, rolled out by a joint Temenos/VWFS team. T24 provides a complete set of workflow driven processes for application, customer and risk-management with browser over WAN/Internet capabilities to support Volkswagen’s classic credit and flexible credit products in China. The products are available for loan applications of customers via cooperating dealers in China for both new and used cars. The system runs on an IBM operating system and Oracle database.